Record sales for Montreal

Île des Sœurs, August 4, 2003 – A total of 3,292 sales were recorded in July

2003 on the Greater Montréal Real Estate Board (GMREB) S.I.A.®/MLS®

system, an increase of 34% when compared to the 2,453 sales recorded in the

same month last year.

In July 2003, the total sales dollar volume of units sold was up 54% to $571

million, compared to $370 million in July 2002.

"The remarkable economic activity in Greater Montréal as well as interest rates

that remain low led consumers to purchase a property, either to improve their

quality of life or to realize a dream", says Michel Beauséjour, FCA, Chief

Executive Officer of the GMREB.

In July 2003, the average price of a single-family home was $175,000, a 2.4%

increase when compared to June 2003 and a 14% increase when compared to

the average of $153,000 recorded in July 2002. This is not necessarily a true

indication of the actual price of single-family homes in all sectors of the Greater

Montreal area, but rather an indication of the trend in the average cost of

properties located in the areas covered by the GMREB.

As of July 31, 2003, there were a total of 18,841 residential listings on

S.I.A.®/MLS®. At the same time period a year ago, there were 19,131.

The Greater Montréal Real Estate Board is a non-profit organization and has

close to 7,000 members, real estate brokers and agents. It is the third most

important board in Canada and its mission is to actively promote and protect

its members’ professional and business interests in order for them to

successfully meet their business objectives.